Itochu, Felda Palm JV to make biofuel from palm husks

Major Japanese trading house Itochu Corp. will soon launch a joint venture in Malaysia with Felda Palm Industries Sdn Bhd, aiming to be the first to make biofuel out of palm fruit husks. Felda Palm, headquartered in Kuala Lumpur, will establish FNI Biofuel by the end of November. The joint venture will be capitalized at around 150 million yen (US$1.69 million), with Itochu and Felda Palm taking stakes of 41% and 59%, respectively. The joint venture would be the first player in the world to develop commercial biofuel from palm husks. (November 22, 2009)